CIM 10-K & 10-Q changes, risk factors and insider trading
Chimera Investment Corp. (also CIM-PA, CIMN, CIMO, CIMP, CIM-PB, CIM-PC, CIM-PD) · NYSE · Real Estate Investment Trusts · CIK 1409493 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Risks Related to Our Investment Management and Advisory Services”
New heading “Changes in the yield curve may cause differences in timing between interest rate adjustments on our interest-earning assets and our borrowings, adversely affecting our net interest spread, and may impact our assets and liabilities differently, adversely affecting our book value if our assets are negatively impacted or the value of our liabilities increase.”
New heading “Our interests in MSR financing receivables expose us to risk of loss if the related master servicer is unable to satisfy its obligations to the GSEs and/or to us.”
New heading “Our interests in MSR financing receivables may expose us to additional financing-related risks, and we may be reliant on acknowledgement agreements with the GSEs and a master servicer's cooperation with its financing sources and its compliance with covenants in its MSR financing facility.”
New heading “We may have to fund amounts equal to the servicing advances due under our interests in MSR financing receivables, which could adversely impact our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.”
New heading “Our interests in MSR financing receivables may involve complex or novel structures.”
New heading “We do not have legal title to the underlying MSRs.”
New heading “The value of our MSR investments may vary substantially with changes in interest rates.”
New heading “Our loan origination and acquisition volume and ability to sell loans are highly dependent on macroeconomic and U.S. residential real estate market conditions which are outside of our control, and which may impact our ability to originate or acquire quality and profitable loans at an appropriate and consistent cost.”
New heading “A disruption in the secondary home loan market, our ability to sell the loans that we originate or acquire, or loan compliance issues could have a negative effect on our business.”
New heading “Our subsidiary, HomeXpress, relies on warehouse facilities, structured as repurchase agreements, to finance its loan originations and acquisitions. These facilities are short-term and subject us to various risks different from other types of credit facilities.”
New heading “Our business is dependent on our ability to maintain and expand our relationships with our clients, the independent mortgage brokers and bankers.”
New heading “Our mortgage loans are primarily initiated by third parties, which exposes us to business, competitive and underwriting risks.”
New heading “The conduct of the independent mortgage brokers and bankers through whom we originate mortgage loans could subject us to fines or other penalties.”
New heading “The mortgage lending industry can be very cyclical, with loan origination volumes varying materially based on macroeconomic conditions. If we are unable to effectively manage our team members during periods of volatility, it could adversely affect our current business operations and our growth.”
New heading “We operate in a heavily regulated industry, and our mortgage loan origination activities as a result of our acquisition of HomeXpress, exposes us to risks of noncompliance with an increasing and inconsistent body of complex laws and regulations, including federal and state consumer lending regulations.”
New heading “Risks Related to Our Investment Management and Advisory Services”
New heading “Our asset management and advisory services business has significant client concentration, with a limited number of clients accounting for a significant portion of fees. Failure to attract, grow, and retain a diverse and balanced client base could adversely affect our asset management and advisory services business.”
New heading “The development, proliferation, and use of artificial intelligence could give rise to legal and/or regulatory action, damage our reputation or otherwise materially impact our business, financial condition, and liquidity.”
New heading “The need to operate within the parameters that allow us to be excluded from regulation as a commodity pool operator could limit the use of swaps by us below the level we would otherwise consider optimal or may lead to the registration of us or our directors as commodity pool operators, which will subject us to additional regulatory oversight, compliance and costs.”
New heading “The failure of excess MSRs held by us to qualify as real estate assets, or the failure of the income from excess MSRs to qualify as interest from mortgages, could adversely affect our ability to qualify as a REIT.”
Removed heading “Risks Related to Our Securities”
Removed heading “Changes in the yield curve may cause differences in timing between interest rate adjustments on our interest-earning assets and our borrowings, adversely affecting our net interest spread.”
Removed heading “Significant changes in interest rates, particularly increases in long-term rates, may reduce the market value of our investments and negatively affect our book value, earnings and cash available for distribution.”
Largest changes
“Both the scope of the laws, rules and regulations and the intensity of the regulatory oversight to which our business is subject has increased over time. In the past years, regulatory enforcement and fines have become more significant across the financial services sector. …”see in full comparison
“The laws and regulations applicable to us are subject to administrative or judicial interpretation. Furthermore, state and federal agencies may differ in their interpretations as may private plaintiffs. Litigation amongst these various agencies and between private plaintiffs, including participants in the mortgage industry, and these agencies have added complexity and ambiguity in interpreting these regulations. …”see in full comparison
“We fund substantially all of the mortgage loans we originate or acquire from our HomeXpress clients under HomeXpress’ short-term warehouse facilities and funds generated by HomeXpress’ operations. These borrowings are in turn generally repaid with the proceeds we receive from mortgage loan sales. We depend upon several financial institutions to provide the warehouse lines of credit for these loans. …”see in full comparison
“Various federal, state and local laws have been enacted that are designed to discourage predatory lending practices. The Home Ownership and Equity Protection Act of 1994 (“HOEPA”) prohibits inclusion of certain provisions in consumer-purpose residential loans that have mortgage rates or origination costs in excess of prescribed levels and requires that borrowers be given certain disclosures prior to origination. Some states have enacted, or may enact, similar laws or regulations, which in some cases impose restrictions and requirements greater than those in HOEPA. …”see in full comparison
“Our Non-QM loans have more flexibility in underwriting guidelines than traditional qualified mortgage loan standards and are subject to increased credit risk compared to QM loans. These loans are also subject to relatively more litigation potential due to the subjectivity of the regulations and because they do not benefit from compliance with safe harbors. The underwriting guidelines for our Non-QM loans may be more permissive as to the borrower’s debt to income ratio, credit history, and/or income documentation than QM loans. …”see in full comparison
“The conduct of the independent mortgage brokers and bankers through whom we originate mortgage loans could subject us to fines or other penalties.”see in full comparison
Full comparison: every changed paragraph (209)
•Our inability to access funding, our cost of funding or the terms on which such funding is available could have a material adverse effect on our financial condition, liquidity or profitability, particularly during times of severe market disruption in the financial, mortgage, housing or related sectors.profitability.
•Our business strategy involves the use of leverage. We may not achieve what we believe to be optimal levels of leverage or we may become overleveraged, which may materially adversely affect our liquidity, results of operations, profitability or financial condition.
•Failure to effectively manage our liquidity wouldcould adversely affect our results and financial condition.
•Our financing facilities may contain covenants that restrict our operations.business activities.
•Interest rate fluctuations,fluctuations includingand aschanges a result ofin the Federalyield Reserve's monetary policy,curve may have various negative effects on us and may lead to reduced earnings andearnings, increased volatility in our earnings.earnings, and reduction in our book value.
•Changes in the yield curve may cause differences in timing between interest rate adjustments on our interest-earning assets and our borrowings, adversely affecting our net interest spread.
•Significant changes in interest rates, particularly increases in long-term rates, may reduce the market value of our investments and negatively affect our book value, earnings and cash available for distribution.
•Our investments in mortgage loans and MSRs depend on the performance of third-party mortgage servicers.
•Falling rates may accelerate mortgage prepayments, reducing future servicing income and decreasing MSR valuations.
•We may be required to fund servicing advances on delinquent loans with respect to our MSR investments, which could create liquidity demands, particularly during market downturns or periods of increased borrower distress.
•Changes in prepayment rates could negatively affect the value of our investment portfolio, which could result in reduced earningsearnings, orbook lossesvalue impairments, and/or negatively affect the cash available for distribution to our stockholders.
•We may change our investment strategy, adjust our asset allocation, or enter other operating businesses or financing plans without stockholder consent, which may result in riskier investments or subject us to new or increased regulatory risks and have an adverse effect on our business, results of operations and financial condition.consent.
•Changes in the fair values of our assets, liabilities, and derivatives can reduce earnings, affect liquidity, increase earnings volatility, and create volatilityvariability in our book value.
•Our calculations of the fair value of the assets we own or consolidate as well as liabilities related to consolidated securitizations are based upon assumptions that are inherently subjectivesubjective, and involvethe failure to realize such valuations may have a highmaterial degreeadverse ofeffect managementon judgment.our financial condition.
Risks Related to Our Recent Acquisition and InvestmentLoan ManagementOrigination and AdvisoryAcquisition ServicesBusiness
•We may be unablefail to successfully integrate and realize the anticipatedexpected benefits of the PalisadesHomeXpress Acquisition.
•Our loan origination and acquisition volume and ability to sell loans are highly dependent on macroeconomic and U.S. residential real estate market conditions.
•A disruption in the secondary home loan market, our ability to sell the loans that we originate or acquire, or loan compliance issues could have a negative effect on our business.
•Our subsidiary, HomeXpress, relies on warehouse facilities, structured as repurchase agreements, to finance loan originations and acquisitions. These facilities are short-term and subject us to various risks.
•Our business is dependent on our ability to maintain and expand our relationships with our clients, the independent mortgage brokers and bankers.
•Our mortgage loans are primarily initiated by third parties, which exposes us to business and other risks.
Risks Related to Our Investment Management and Advisory Services
•Two of our subsidiaries are currently required to be registered as an investment adviser or a relying adviser, subjecting us to extensive regulation thatand couldexamination adverselyby affectthe our ability to manage our business.SEC.
•Our asset management and advisory services business has significant client concentration. Failure to attract, grow, and retain a diverse and balanced client base could adversely affect our asset management and advisory services business.
•Hedging against interest rate exposure may not be successful in mitigating the risks associated with interest rates and may reduce our cash available for distribution to our stockholders and adversely affect our financial condition and result of operations.
•Competition may affect our ability to source our target assets at attractive prices and grow our investment management and advisory services, which may have a material adverse effect on our business, financial condition and results of operations.
•The loss of any executive officer or key employee may materially adversely affect our business.
•Risks related to servicers and other third parties, including their ability to perform their services at a high level and comply with applicable laws, andmay thehave usean ofadverse third-partyimpact analyticalon modelsour and data.business.
•Our use of third-party analytical models and data introduce risks related to model accuracy that may have an adverse effect on our execution of investment activities.
•The expanding body of regulations and the investigations of servicers may increase their cost of compliance and the risks of noncompliance.
•The development, proliferation and use of artificial intelligence could give rise to legal and/or regulatory action, damage our reputation or otherwise materially impact our business, financial condition, and liquidity.
•The loss of key employee may materially adversely affect our business.
•Our GAAP financial results may not be an accurate indicator of taxable income and dividend distributions.
•Changes in accounting rules could impact us negatively.
•Risks related to compliance with REIT requirements.
•Risks related to compliance with REIT requirements, our qualification as a REIT and our election to qualify as a REIT.
•Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
•The tax on prohibited transactions will limit our ability to engage in transactions, including certain methods of securitizing mortgage loans, that would be treated as sales for U.S. federal income tax purposes.
•The interest apportionment rules may affect our ability to comply with the REIT asset and gross income tests.
•We may be subject to adverse tax changes that could reduce the market price of our capital stock and our business in general.
•Certain provisions of Maryland Law, of our charter, and of our bylaws may inhibit potential acquisition bids that stockholders may consider favorable and may affect the market price of our capital stock.stock
Risks Related to Our Securities
•The market price and trading volume of our shares of capital stock may be volatile.
•We may not be able to pay dividends or other distributions on our capital stock.
•Interests of holders of our securities are structurally subordinated to the liabilities and obligations of our subsidiaries and may also be adversely affected by future offerings of securities.
Our ability to fund our operations, meet financial obligations and finance target asset acquisitions may be impacted by our ability to secure and maintain our financing arrangements, including our repurchase agreements, secured financing trusts and warehouse facilities with our counterparties. Because repurchase agreements and warehouse facilities are often short-term commitments of capital, lenders may respond to market conditions by making it more difficult for us to renew or replace on a continuous basis our maturing short-term borrowings and have and may continue to impose more onerous conditions when rolling such financings. For example, times of significant dislocation in the financial markets may result in lenders being unwilling or unable to provide us with financing, which could force us to sell assets at an inopportune time or negatively affect lenders’ valuation of our target assets which may result in margin calls, requiring a pledge of additional collateral or cash to re-establish the required ratio of borrowing to collateral value under our repurchase agreements. In addition, the regulatory capital requirements imposed on our lenders may change, or our lenders may revise their eligibility requirements for the types of assets they are willing to finance or the terms of such financings, including requiring additional collateral in the form of cash, which may adversely affect our ability to fund our operations. If we are not able to renew our existing facilities or arrange for new financing on terms acceptable to us, or if we default on our covenants or are otherwise unable to access funds under our financing facilities, or if we are required to post more collateral or face larger haircuts or if we otherwise fail to effectively manage and maintain our liquidity resources, we may have to curtail our asset acquisition activities and/or dispose of assets at a loss. In addition, posting additional collateral or cash to support our credit will reduce our liquidity and limit our ability to leverage our assets, which could materially adversely affect our business.
Our earnings are primarily generated from the difference between the interest income we earn on our investment portfolio, less net amortization of purchase premiums and discounts, and the interest expense we pay on our borrowings. During a period of rising or elevated interest rates (as has been the case in recent years),rates, our borrowing costs generally will increase at a faster pace than our interest earnings on the leveraged portion of our investment portfolio, which could result in a decline in our net interest spread and net interest margin. We may rely on borrowings under repurchase agreements to finance our investments, which have short-term contractual maturities, or we may use longer-term mark-to-market, non-MTM, and limited MTM financing, which may be more expensive than traditional short-term mark-to-market financing but offers more certainty with respect to funding availability. In general, if the interest expense on our borrowings increases relative to the interest income we earn on our investments, our profitability may be materially adversely affected.
Our business strategy involves the use of borrowing, or leverage. Pursuant to our leverage strategy, we borrow against a substantial portion of our assets and use the borrowed funds to finance our investment portfolio and the acquisition of additional investment assets. Future increases in the amount by which the collateral value is required to contractually exceed the amount borrowed in such leverage financing transactions, decreases in the market value of our residential mortgage investments, increases in interest rate volatility and changes in the availability of acceptable financing from our existing lenders or alternative sources could cause us to be unable to achieve the amount of leverage we believe to be optimal for achieving our profitability objectives. The return on our assets and cash available for distribution to our stockholders may be reduced to the extent that changes in market conditions prevent us from achieving the desired amount of leverage on our investments or cause the cost of our financing to increase relative to the income earned on our leveraged assets. For example,certain investments we may evaluate the feasibility of entering into non-MTM financing in 2023order andto 2022,mitigate asliquidity therisks Federalrelated Reserveto increasedvolatile interest rates weand addedcredit moremarket non-MTMconditions. facilities. TheseNon-MTM facilities typically have higher interest rates and cash trappingdeleveraging provisions which reduce the net cash we receive from these leveredunderlying assets. If the interest income on the investments that we have purchased with borrowed funds fails to cover the interest expense of the related borrowings, we will experience net interest losses and may experience net losses from operations. Such losses could be significant because of our leveraged structure. The risks associated with leverage are more acute during periods of economic slowdown or recession and may further hinder our ability to achieve what we believe to be optimal levels of leverage or increase our risk of becoming overleveraged. The use of leverage to finance our investments involves many other risks, including, among other things, the following:
•If we or a counterparty to our repurchase transactions defaults on its obligation under the repurchase agreement, we could incur losses. When we engage in repurchase transactions, we generally sell assets to the counterparty to the agreement for cash. Because the cash we receive from the counterparty is less than the value of those securities (this difference is referred to as the “haircut”), if the lender defaults on its obligation to transfer the same securities back to us, we would incur a loss on the transaction equal to the amount of the haircut (assuming there was no change in the value of the securities). See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this 20242025 Form 10-K, for further discussion regarding risks related to exposure to financial institution counterparties in light of recent market conditions.counterparties. Generally, if we default on a repurchase transaction, the counterparty could liquidate the assets and use the proceeds to repay the amounts it is owed. If the amount received from the sale is equal to or less than the amount owed, we will incur a loss equal to the haircut and the counterparty has recourse to us to repay any remaining deficiency. In addition, if we default on a transaction under any one agreement and fail to honor the related guarantee, the counterparties to our other repurchase agreements could also declare a default under their respective repurchase agreements. Any losses we incur on our repurchase transactions could materially adversely affect our earnings and thus our cash available for distribution to our stockholders and could also adversely affect our liquidity.
We may not be able to readily raise capital from external sources in a timely manner or on favorable terms. Many of the same factors that could make the pricing for investments in real estate loans and securities attractive, such as the availability of assets from distressed owners who need to liquidate them at reduced prices, and uncertainty about credit risk, housing, and the economy, may limit investors’ and lenders’ willingness to provide us with additional capital on terms that are favorable to us, if at all. These risks may be more acute during periods of heightened volatility in securities prices in the mortgage sector, such as those experienced in recent years, making it more difficult to raise capital accretive to our earnings, book value and overall results of operations. There may also be other reasons we are not able to readily raise capital in a timely manner or on favorable terms, and, as a result, may not be able to finance growth in our business and in our portfolio of assets and we could experience other adverse impacts. To the extent we need to raise capital on unfavorable terms, we may experience greater dilution of existing shareholders, higher interest costs, or higher transaction costs.
Interest rate fluctuations, including as a result of the Federal Reserve's monetary policy, may have various negative effects on us and may leadreduce tothe reducedmarket value of our investments and negatively affect our book value, earnings and increasedcash volatilityavailable infor ourdistribution, earnings.as well as increasing volatility.
Changes in interest rates, the interrelationships between various rates, interest rate volatility, and the shape of the yield curve, including changes to the Federal Reserve’s interest rate policies in response to inflation, labor market conditions and other economic factors, may have negative effects on our earnings, the fair value of our assets and liabilities, loan prepayment rates, and our access to liquidity. For example, interest rate changes, particularly increases in interest rates, could have one more of the following consequences:
•Some of the loans and securities we own or may acquire have adjustable-rate coupons or may be subordinate securities entitled to cash flow only after the more senior securities have been paid. As such, the cash flows and earnings we receive from these assets may vary as a function of interest rates.
•Changes in interest rates may harm the credit performance of our assets and result in costlier financing, which may affect our earnings results, reduce our ability to securitize, re-securitize, or sell our assets, or reduce our liquidity.
•Higher interest rates could reduce mortgage borrowers’ ability to make interest payments or to refinance their loans, reduce property values, lead to increased credit losses, and reduce mortgage originations, thus reducing our opportunities to acquire or originate new assets.
Changes in interest rates, the interrelationships between various interest rates, and interest rate volatility, such as the changes that have occurred in recent years and may continue to occur as the Federal Reserve adjusts its interest rate policies in response to inflation, continue to affect the financial markets. Such changes and fluctuations have had, and may continue to have, negative effects on our earnings, the fair value of our assets and liabilities, loan prepayment rates, and our access to liquidity. For example, some of the loans and securities we own or may acquire have adjustable-rate coupons or may be subordinate securities entitled to cash flow only after the more senior securities have been paid. As such, the cash flows and earnings we receive from these assets may vary as a function of interest rates. Changes in interest rates may harm the credit performance of our assets and result in costlier financing, which may affect our earnings results, reduce our ability to securitize, re-securitize, or sell our assets, or reduce our liquidity. In addition, higher interest rates could reduce mortgage borrowers’ ability to make interest payments or to refinance their loans, reduce property values, lead to increased credit losses, and reduce mortgage originations, thus reducing our opportunities to acquire new assets. We may seek to hedge a majority of, but not all interest rate risks. Our hedging may not work effectively or be successful at all, and we may change our hedging strategies or the degree or type of interest rate risk we assume.
Changes in the yield curve may cause differences in timing between interest rate adjustments on our interest-earning assets and our borrowings, adversely affecting our net interest spread.
Our earnings depend, in part, on the difference between the interest income on our interest-earning assets and the interest expense on our borrowings. The relationship between short-term and longer-term interest rates is often referred to as the “yield curve.” In a normal yield curve environment, short-term interest rates are lower than longer-term interest rates. If short-term rates rise disproportionately relative to longer-term rates (often called a “flattening” or “inversion” of the yield curve), our borrowing costs generally increase more rapidly than the interest income we earn, compressing our net interest margin. Because our assets, on average, bear interest based on longer-term rates than our borrowings, a flattening or inversion of the yield curve would tend to decrease—and has in recent years decreased—our net interest margin, net income, book value, and the market value of our net assets. In the event that short-term rates exceed longer-term rates, we could experience negative net interest spread and incur operating losses.
Additionally, when principal from our investments is returned (either through scheduled or unscheduled payments) and must be reinvested in new assets, the spread between the yields on new investments and our available borrowing rates may narrow. This reinvestment dynamic could further reduce our net income. Changes in the yield curve may also affect the pace and profitability of securitization transactions if the market environment becomes less favorable for issuing or pricing securitized products.
Significant changes in interest rates, particularly increases in long-term rates, may reduce the market value of our investments and negatively affect our book value, earnings and cash available for distribution.
Management's Discussion & Analysis (MD&A)
New heading “Residential Origination Segment”
New heading “Interest Rates, Inflation, Labor Markets, and Economic Activity”
New heading “Full Year and Fourth Quarter 2025 Business Highlights - Investment Portfolio Segment”
New heading “Investment Activity”
New heading “Asset Purchases”
New heading “Secured Financing Activity”
New heading “Capital Raising Activity”
New heading “Investment and third-party asset management and advisory fees”
New heading “Acquisition of HomeXpress”
New heading “Fourth Quarter 2025 Business Highlights - Residential Origination Segment”
New heading “Secured Financing Activity”
New heading “Hedging Activity”
New heading “Residential Origination Segment”
New heading “Inducement Grants for HomeXpress employees”
New heading “Earnings and Book Value”
New heading “Interest Rate Swaps”
New heading “Interest Rate Cap”
New heading “Treasury Future Contracts”
New heading “Gain on origination and sale, net”
New heading “Interest Income from investment in MSR financing receivables”
New heading “Segment Results of Operations”
New heading “Investment Portfolio segment”
New heading “Residential Origination segment”
New heading “Residential Origination Segment”
New heading “Loans Held for Sale”
Removed heading “Additional Business Highlights”
Removed heading “Capital Raising Activity during 2024”
Removed heading “Acquisition of Palisades Group”
Removed heading “Secured Financing Activity during 2024”
Removed heading “Reverse Stock Split”
Largest changes
“Interest Rates, Inflation, Labor Markets, and Economic Activity”see in full comparison
“As discussed earlier, during 2024, interest rates remained volatile, inflation remained sticky and cost of financing remained elevated. If these uncertainties become more pronounced, we may experience an adverse impact on our liquidity. We have sought and expect to continue to seek longer-term, more durable financing to reduce our risk exposure to margin calls related to shorter-term repurchase financing.”see in full comparison
“Tangible Common Equity is a non-GAAP measure and is defined as Total stockholders' equity available to common stockholders less intangible assets and goodwill related to the business acquisitions. We believe that this measure helps our management and investors understand our capital adequacy and changes from period to period in our common stockholders' equity exclusive of changes of intangible assets. The following table presents a reconciliation of Total Stockholders’ Equity to Tangible Common Equity as of December 31, 2025.”see in full comparison
“Interest rates across the U.S. Treasury curve fluctuated throughout the year as market expectations regarding the timing and magnitude of policy easing evolved in response to incoming inflation, labor, and economic data. Short-term interest rates declined over the course of the year alongside expectations for easing monetary policy, while longer-term Treasury yields declined more slowly reflecting continued inflation uncertainty and term-premium dynamics.”see in full comparison
“In addition to warehouse bank covenants, we are also subject to liquidity and net worth requirements established by the FHFA for Freddie Mac seller/servicers and HUD. The FHFA and HUD have established minimum liquidity requirements and net worth requirements for their approved non-depository single-family sellers/servicers in the case of Freddie Mac and HUD:”see in full comparison
“We utilize a variety of channels, including securitizations, warehouse facilities, repurchase agreements and other capital market activities to finance our investments, manage liquidity, improve capital efficiency, support the implementation of our investment strategies, as well as to enhance our potential return on equity. We manage interest rate risk using hedging instruments such as interest rate swaps, swap futures, treasury futures, swaptions, and interest rate caps.”see in full comparison
Full comparison: every changed paragraph (293)
The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes to those statements included in ItemPart 15IV of this 20242025 Form 10-K. The discussion may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements are those that are not historical in nature. As a result of many factors, such as those set forth under “Risk Factors” in this 20242025 Form 10-K, our actual results may differ materially from those anticipated in such forward-looking statements.
This section of the 20242025 Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this 20242025 Form 10-K10-K, can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.2024.
All per share amounts, common shares outstanding and restricted shares for all periods presented reflect our 1-for-3 reverse stock split, which was effective after the close of trading on May 21, 2024.
We are a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in and manage for others, through our wholly-owned subsidiary PAS, include residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose loans (including RTLs) and investor loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress, we originate consumer Non-QM and investor business purpose residential mortgage loans as well as QM residential mortgage loans.
In 2025, we reevaluated the composition of our reportable segments based on changes in the significance of certain business activities, including the acquisition of HomeXpress, and the manner in which our management reviews operating results and allocates resources. As a result of this reevaluation, we report as two reportable segments: (i) Investment Portfolio, and (ii) Residential Origination. The Investment Portfolio segment consists of our investments and third-party advisory services activities. The Residential Origination segment consists of the stand-alone mortgage origination business of HomeXpress that originates consumer Non-QM, investor business purpose, and other Non-Agency and Agency mortgage loan products.
As of December 31, 2025, based on the fair value of our interest earning assets, approximately 65% of our investment portfolio was allocated to residential mortgage loans, 23% to Agency MBS, 5% to Non-Agency RMBS and less than 1% to interests in MSR financing receivables (excluding loans held for sale by HomeXpress). As of December 31, 2024, based on the fair value of our interest earning assets, approximately 88% of our investment portfolio was allocated to residential mortgage loans, 4% to Agency RMBS, and 8% to Non-Agency RMBS.
We utilize a variety of channels, including securitizations, warehouse facilities, repurchase agreements and other capital market activities to finance our investments, manage liquidity, improve capital efficiency, support the implementation of our investment strategies, as well as to enhance our potential return on equity. We manage interest rate risk using hedging instruments such as interest rate swaps, swap futures, treasury futures, swaptions, and interest rate caps.
Our investment strategy is intended to be durable across a variety of economic, rate, and credit environments. We seek to approach portfolio management in a disciplined manner and expect to operate in an environment characterized by ongoing uncertainty related to global trade dynamics, fiscal and monetary policy, inflation, labor market conditions, economic growth, and domestic and geopolitical tensions.
Residential Origination Segment
During the fourth quarter we completed the HomeXpress Acquisition, which closed on October 1, 2025. We raised liquidity through staggered sales of select assets, some of which we sourced from our Agency RMBS liquidity allocation and the rest from what we viewed to be fully priced Non-Agency RMBS positions. Separately, we also issued unsecured debt.
The HomeXpress Acquisition represents a strategically significant milestone and broadens our business capabilities. We expect that this acquisition will provide us with direct exposure to the growing residential consumer Non-QM and investor business purpose mortgage loan origination market and will enhance the diversification of our earnings sources beyond our core investment activities. As of December 31, 2025, loans held for sale by HomeXpress constituted approximately 6% of our interest earning assets based on fair value.
HomeXpress is a specialty mortgage lender focused primarily on providing first lien, consumer Non-QM loans, and investor business purpose solutions to the residential housing market on a national basis through mortgage brokers and bankers. Non- QM loans are designed for borrowers who do not meet traditional qualified mortgage standards and typically carry higher interest rates and offer more flexible solutions for potential borrowers. Investor business purpose loans are secured by first liens on non-owner occupied 1–8 unit investment rental properties. HomeXpress is a leading originator of these residential mortgage loans and does so substantially on a wholesale basis through independent mortgage brokers and bankers. HomeXpress currently sells all the loans it originates on a servicing-released basis to third-party institutional investors. Warehouse financing is used by HomeXpress to fund these loans from origination through sale. While the residential real estate market and associated mortgage loan origination volumes are heavily influenced by economic factors such as interest rates, housing prices and employment conditions, additional loan origination growth for HomeXpress is expected to be realized from further development of its existing wholesale origination network as well as from the growth in its recent implementation of a non-delegated correspondent channel. Additional growth is also expected from expansion in its FHA, VA and conventional agency-conforming channel and the implementation of delegated correspondent lending platform.
We are a publicly traded REIT that is primarily engaged in the business of investing in a diversified portfolio of mortgage assets for ourselves and for unrelated third parties through our third-party investment management and advisory services. The assets we may invest in and manage for others include residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose loans (“BPLs”) (including residential transition loans (“RTLs”)) and investor loans, mortgage servicing rights (“MSRs”) and other real estate-related assets such as Agency CMBS, junior liens and home equity lines of credit, or HELOCs, equity appreciation rights, and reverse mortgages. The MBS and other real estate-related securities we purchase may include investment-grade, non-investment grade, and non-rated securities. Our investment management and advisory services are provided on a discretionary basis through investment funds that we manage and on a non-discretionary basis with respect to assets acquired and owned by third-party institutions, including insurance companies, credit funds, and other institutional investors.
Our principal business objective is to provide attractive risk-adjusted returns through the generation of distributable income from our investment portfolio whose asset performance is linked to mortgage credit fundamentals and fees generated from providing investment management and advisory services to third parties. We plan to execute our business strategy through a combination of organic and external growth, depending on opportunities and market conditions. In addition to our strategy of building a durable portfolio of residential mortgage assets, we may invest in operational platforms, including entities that originate or service mortgage loans, and other businesses, partnerships or investments that could enhance our business activities.
Interest Rates, Inflation, Labor Markets, and Economic Activity
Interest rates across the U.S. Treasury curve fluctuated throughout the year as market expectations regarding the timing and magnitude of policy easing evolved in response to incoming inflation, labor, and economic data. Short-term interest rates declined over the course of the year alongside expectations for easing monetary policy, while longer-term Treasury yields declined more slowly reflecting continued inflation uncertainty and term-premium dynamics.
Inflation, as measured by the Consumer Price Index (“CPI”), moderated at times during the year but remained above the Federal Reserve’s stated 2.0% objective. CPI inflation ranged between 2.3% and 3.0% on a year-over-year basis during 2025 and ended the year at 2.7%. Shelter costs continued to be a significant contributor to overall inflation, with rates of increase that generally exceeded those of goods and energy prices.
Labor market conditions moderated over the course of the year but remained relatively resilient. The unemployment rate increased to 4.4% at year-end, but still remained historically low, while job gains and broader indicators pointed to an easing labor market trajectory. Economic activity remained solid as real gross domestic product increased at an annualized rate of 3.8% in the second quarter and 4.4% in the third quarter of 2025.
With this backdrop, the Federal Reserve held short term rates steady through the first half of 2025 and eased 25 basis points at each of the final three Federal Open Market Committee meetings, bringing the yearend federal funds target range between 3.50% and 3.75%.
Consistent with these dynamics, the yield curve evolved with a steepening bias during 2025. The two-year Treasury yield dropped 77 basis points during the year to 3.47%, while the ten-year yield declined just 39 basis points, resulting in the yield curve steepening by 38 basis points during 2025.
Interest Rates
The consumer price index declined in the first part of 2024 and then held steady before rising in November and December, increasing 2.9% during 2024. The personal consumption expenditures price index increased 2.6% in December 2024, as compared with December 2023, recording a bigger increase than the 2.1% increase from October 2023 to October 2024.
Meanwhile, real GDP in the U.S. grew at an annualized rate of 2.3% in the fourth quarter of 2024. Labor market conditions remained tight throughout the year, with the unemployment rate fluctuating between 3.7% and 4.2%.
The Federal Reserve kept the federal funds rate in a target range of 5.25% and 5.50% through the first three quarters of 2024. The Federal Reserve then lowered the target federal funds rate by one hundred basis points between September and year-end. Long-term interest rates did not react to the federal funds rate cut as expected. In each of the previous seven cutting cycles since the 1980s, the 10-year Treasury rate decreased after a Fed rate cut. In 2024, the 10-year Treasury yield had decreased to 3.62% from a high of 4.70% in April only to spike back up to 4.63% by year-end after the Fed rate cuts. During the fourth quarter of 2024, the term premium for 10-year Treasuries increased by 75 basis points, which means the 10-year Treasury rate increased an additional 75 basis points over the rate change based on changing Fed expectations. We believe this increase in the term premium reflects the market’s uncertainty about future rates.
Credit Spreads
Residential credit performance was strong in 2024, driven by robust fundamentals given low defaults, rising home prices and record levels of homeowners’ equity. In addition, Non-Agency RMBS gross issuance ended at approximately $137 billion, almost doubling from 2023 issuance levels of $71 billion. Investor demand was very strong, and credit spreads tightened in 2024, especially at the bottom of capital structure, with the credit curve flattening significantly.
While credit spreads in the residential market tightened significantly in 2024, they continue to remain attractive relative to the investment grade and high yield corporate bond markets. We believe market conditions align well with our residential credit strategy.
U.S. housing market conditions in 2025 were shaped by continued affordability challenges and an ongoing imbalance between housing supply and demand. While mortgage interest rates, home prices, insurance costs, and property taxes continued to pressure homebuyer affordability, several of the largest drivers showed signs of easing over the course of the year.
According to the Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed mortgage rate declined from 6.85% at the beginning of the year to 6.15% at year-end, a decrease of approximately 70 basis points, with most of the decline occurring in the second half of 2025.
Housing supply conditions remained constrained, particularly in the existing home market, as elevated mortgage rates continued to limit homeowner mobility. Existing home inventory increased modestly during the year but remained below long-term averages. In contrast, new home supply and construction remained relatively more active. Homebuilders continued to support transaction volumes through the use of mortgage rate buydowns and other incentives, which helped offset affordability pressures and support new home sales despite higher headline financing costs.
Home price growth moderated relative to prior years, and year-over-year national home price appreciation ended the year below consumer wage growth, representing a step toward easing affordability challenges.
As discussed earlier, interest rates experienced volatility during the year and that was reflected in mortgage rates. According to Freddie Mac, the average 30-year fixed mortgage rate started the year at 6.62% and ended the year at 6.85%, representing an increase of twenty-three basis points. However, mortgage rates were volatile throughout 2024 and peaked at 7.22% in May and by September had retreated down to 6.08%, prompting a modest uptick in refinancing activity. The mortgage basis, which is the spread between MBS and Treasury benchmarks, remained mostly range-bound between 120 and 160 basis points and ended the year at 135.
During 2024, the number of previously owned-homes that were sold declined for the third consecutive year and to the lowest level since 1995 reflecting what we believe was the continuation of the lock-in effect and homeowners are reluctant to trade in the low mortgage rate for a higher rate if they sell their home. New home construction was up slightly from 2023, but new homes for sale that are under construction peaked in March and were slightly down from that peak in December. The number of completed new homes for sale hit its highest level in December since 2009. Demand, however, on a national basis for newly constructed homes remained strong during the year as the time from completing construction to sale remained under 3 months as compared to a historical average of nearly 5 months.
Execution of Our Strategy in 20242025
During 2025, we focused on diversifying the portfolio and repositioning the Company as a diversified, vertically integrated residential real estate platform. To execute on these objectives, we exercised redemption rights with respect to several securitized transactions and raised capital organically through re-securitizations of the underlying mortgage loans and loan sales to third parties. We also raised capital through monetizing certain fully valued assets as well as through the issuance of senior unsecured debt. These activities provided the capital necessary as we expanded our platform and mortgage lending capabilities through the acquisition of HomeXpress, increased our allocation to liquid Agency RMBS, made our first investment in MSRs, and began to reshape our allocation of capital, investment mix, and sources of income and earnings.
Full Year and Fourth Quarter 2025 Business Highlights - Investment Portfolio Segment
Investment Activity
Asset Purchases
Agency RMBS. Predominantly starting with the second quarter and through the rest of the year 2025, we purchased approximately $4.3 billion of Agency RMBS, taking advantage of relative value opportunities while simultaneously increasing our liquid securities allocation. These investments allow us to deploy capital in a relatively expedient manner upon raising funds through capital market transactions, asset divestitures, portfolio run-off, or other means and enable us to maintain liquidity that we can access for future investments or other strategic objectives, including business acquisitions. During the fourth quarter we added $606 million of Agency RMBS, net of sales.
MSR Investment. During the third quarter, we gained exposure to a $6.5 billion pool of Fannie Mae MSRs through a third-party servicing partnership. The weighted average interest rate on the loans at the time of acquisition was 4.02% and the weighted average LTV ratio and borrower credit score was 71% and 754, respectively. The purchase price for this investment was $38 million, which represented the net asset value after financing the MSRs by the mortgage loan servicing counterparty. Because MSR valuations typically increase as interest rates rise, offsetting mark-to-market declines on our residential credit portfolio, the MSR allocation is intended to serve as a natural book value hedge to our portfolio. In addition to its hedging characteristics, MSRs are also standalone, income generating assets. The recurring servicing fees, ancillary income, recapture income and float earnings associated with MSRs contribute to earnings while diversifying our interest rate exposure.
RTL Loans. We settled $27 million of business purpose loans during the second quarter that we committed to purchase in the first quarter, funded with warehouse facilities and targeting mid-to-high teen levered returns. These loans were purchased with a weighted average asset yield of 8.46%. We did not purchase any additional RTL loans during the rest of the year.
Asset Sales
Agency CMOs. During the second quarter, we sold Agency CMO securities for $73 million. In addition, we also sold previously purchased Agency RMBS Pass-through securities for $53 million and reallocated the capital to our current portfolio strategy. We received a total of $138 million in net proceeds from this sale and a total of $98 million after paying the financing on these positions. These sales resulted in a net realized loss of $2 million during the quarter, not including any net realized interest income. Proceeds from the sales were largely re-invested in Agency RMBS that increased our liquidity allocation.
Non-Agency and CMBS IO securities. In the third quarter, we also sold $104 million of Non-Agency RMBS subordinate securities, $88 million of Non-Agency RMBS senior securities and $164 million of Agency CMBS IO positions. Net liquidity raised after payment of principal on a secured financing facility that held these securities as collateral was $44 million. These sales generated a realized loss of $8.4 million during the third quarter. In the fourth quarter, we sold $33 million of Non-Agency RMBS subordinate securities. These sales generated a realized loss of $5 million during the fourth quarter.
Non-Agency retained securities. During the third quarter, we sold $237 million of retained bonds from previously issued RPL securitizations and $25 million from previously issued Non-QM and investor securitization for total proceeds of $232 million. Consequently, the retained positions sold will be added to securitized debt as a result of consolidation going forward. Net liquidity raised after payment of principal on a secured financing facility that held these retained bonds as collateral was $72 million.
Non-QM investment loans sales. As a normal discipline of our business operation, we routinely evaluate the potential economic and portfolio benefits of exercising our redemption rights with respect to our sponsored securitizations. These rights provide us with the option to organically raise liquidity by refinancing and/or selling the underlying loans. Through this strategy, during the fourth quarter we redeemed $70 million in securities from the CIM 2022-I1 securitization and sold the underlying loans with principal balance of $166 million. After satisfying certain recourse financing obligations, the transaction released approximately $28 million in equity.
Against this market backdrop, we managed our portfolio by increasing liquidity and diversifying sources of income. Consistent with this strategy, we raised $74 million from an equity raise in December 2023 and $140 million from two issuances of unsecured notes and deployed the net proceeds.
We invested approximately $102 million in subordinated tranches of new issue third-party mortgage securitizations backed by RPLs and small balance commercial properties. These investments were purchased at attractive unlevered yields. Finally, we invested $1 billion in floating rate Agency CMOs. These floating rate investments were purchased at levered yields that exceeded the cost of capital from the Company’s unsecured debt issuance. We believe these investments will provide an attractive return while serving as a source of liquidity during intermittent periods as we seek to deploy capital in loans or other investments.
In 2024, we committed to purchase $1.1 billion of residential mortgage loans, down from $1.4 billion in 2023 and $1.7 billion in 2022. Of such loans, approximately 44% were seasoned RPLs, 29% were Non-QMs, and the remainder were BPLs. Of the $1.1 billion of residential mortgage loans that we committed to acquire in 2024, $130 million were RTLs and $308 million were Non-QM DSCR loans that settled in the first quarter of 2025. Apart from RTLs, all loans purchased were financed or expected to be financed through non-recourse term securitization transactions. The loan characteristics of the seasoned RPLs and BPLs were consistent with the characteristics which currently exist in our portfolio.
In December 2024, we completed the Palisades Acquisition, providing us with a new fee-based source of income, as discussed below.
Given the challenging operating environment, ongoing liquidity needs, and opportunities to purchase new assets with higher yields, we rebalanced a portion of our investment portfolio. Overall, we sold $38 million Agency CMBS. These sales resulted in a recognized loss of $3.8 million. Additionally, to fund our investment activity and the Palisades Acquisition, we raised $20 million in liquidity through the sale of Agency CMOs during the fourth quarter. These sales resulted in a realized loss of $1.5 million.
Considering the overall investment purchases, sales, and securitization activities, at December 31, 2024, our portfolio consisted of 88% residential mortgage loans, 8% Non-Agency RMBS, and 4% Agency MBS (including Agency CMOs) on a fair value basis. Our Agency portfolio increased by $417 million year-over-year through a combination of purchases and sales of Agency CMOs and sales of Agency CMBS activities.
Given the interest rate volatility during the year, portfolio valuations remained volatile and ended the year with valuations ranging from flat to slightly down. The increase in rates, particularly at the longer dated maturity toward the end of the year, caused a 11.77% decline in book value during the fourth quarter of 2024. Our book value per common share was $19.72, as of December 31, 2024, as compared to $20.25 as of December 31, 2023. We declared $1.42 common stock dividends per share in 2024. Our economic return on book value, which includes the overall change in book value for the period plus dividends, was 4.40% for the full year of 2024. The total rate of return on our common stock, including dividend reinvestment, was 3.5% for 2024.
Additional Business Highlights
Capital Raising Activity during 2024
In May 2024, we issued $65 million of 9.00% unsecured senior notes due May 15, 2029. Net of underwriting fees, we received a total of $62 million in proceeds. These notes may be redeemed, in whole or in part, at any time at our option on or after May 15, 2026. In August 2024, we issued $75 million of 9.25% unsecured senior notes due August 15, 2029. Net of underwriting fees, we received a total of $72 million in proceeds. These notes may be redeemed, in whole or in part, at any time at our option on or after August 15, 2026.
Acquisition of Palisades Group
In December 2024, we consummated the Palisades Acquisition. Founded in 2012, Palisades manages and invests, on behalf of third parties, in residential real estate assets across a broad spectrum of credit products. Upon closing, Jack Macdowell, Jr., co-founder and Chief Investment Officer of Palisades, became our Chief Investment Officer. Under the terms of the agreement, we acquired Palisades for cash consideration of $30 million at closing, plus an additional potential earnout of up to $20 million over five years contingent upon achieving certain financial targets, with the option for us to pay 50% of the earnout payments in common shares, aligning interests with those of our shareholders.
Secured Financing Activity during 2024
The Federal Reserve shifted its monetary policy stance, transitioning from a period of rate hikes to implementing one hundred basis points in rate cuts during 2024 in response to evolving economic conditions. Managing our floating rate liabilities through this period of uncertainty remained among the top priorities of management. Management was focused throughout the year on strengthening our portfolio’s liability structure through proactive portfolio management (selling certain assets, purchasing non-agency subordinate securities and Agency CMO floaters) and securitization, which provides long-term, fixed rate, non-recourse financing.
What changed in the latest 10-Q
Risk Factors
Under “Part I — Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 we set forth risk factors related to our business and operations. You should carefully consider the risk factors set forth in our Form 10-K for the year ended December 31, 2025. As of the date hereof, there have been no material changes to the risk factors set forth in our Form 10-K for the year ended December 31, 2025.
No wording changes found in this section.
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Management's Discussion & Analysis (MD&A)
New heading “Mortgage and Credit Markets”
Largest changes
“This year began on a relatively stable footing, supported by expectations of Federal Reserve rate cuts in the latter half of 2025 that reinforced confidence that inflation was moderating. Markets also grew more comfortable with the outlook on tariffs, as their potential inflationary impact appeared more contained. In March 2026, escalating tensions and conflicts involving the U.S. in the Middle East disrupted energy markets, driving a sharp increase in oil prices amid concerns over disruption to flows through the Strait of Hormuz. …”see in full comparison
“Against this backdrop, interest rates largely reflected shifting economic and geopolitical dynamics. Following a period of relative stability in January and February, rates moved higher in March as rising energy prices renewed inflation concerns. For the quarter, the yield on the two-year U.S. Treasury increased by 32 basis points to 3.79%, while the 10-year U.S. Treasury yield rose 15 basis points to 4.32%. Interest rate volatility also picked up notably in March, reaching its highest levels since the tariff-driven uncertainty observed in spring 2025.”see in full comparison
“Financial markets during the second quarter of 2026 were shaped primarily by evolving expectations for Federal Reserve monetary policy amid persistent inflation, resilient labor market conditions and continued geopolitical developments. Although tensions in the Middle East remained elevated early in the quarter, energy markets stabilized following a temporary ceasefire and easing concerns over disruptions to global oil supplies. …”see in full comparison
During the quarter ended June 30, 2026, we entered into six interest rate caps. We paid $55 million for $2.3 billion notional two-year, three-year and five-year interest rate caps with strike rates of 3.00% with SOFR as the market reference rate. During the quarter ended March 31, 2026, we entered into two interest rate caps. We paid $5 million for a $500 million notional two-year interest rate cap with a strike rate of 3.00% on SOFR as the market reference rate. We paid $8 million for a $600 million notional two-year interest rate cap with a strike rate of 3.30% on SOFR as the market reference rate. We held $3.4 billion notional two-year three-year, and five-year interest rate caps with a weighted average strike rate of 3.05% with SOFR as the market reference rate. We partially terminated a $500 millionsee in full comparisonnotionaltwo-year interest rate cap with a strike rate of 3.95%onwith SOFR as the market referencerate. We terminated $500 million notional interest rate cap with a 3.95% strikerate for a realized loss of$4$3 million. During the quarter endedDecemberMarch 31,2025,2026, wehadpartially terminated a$1.0$500billion notionalmillion two-year interest rate cap with a strike rate of 3.95%onwith SOFR as the market referencerate.rate for a realized loss of $4 million.
“The U.S. economy continued to demonstrate resilience, despite moderating job growth, with unemployment in the low-4% range, and inflation relatively contained. The Federal Reserve held its target range for the federal funds rate steady during the quarter, noting at its March meeting that the economic implications of developments in the Middle East remained uncertain. After beginning the year with strong momentum and rising to new highs, equity markets became more volatile in March, with volatility persisting through quarter-end.”see in full comparison
see in full comparisonWe expect to enter into new secured financing agreements at maturity; however, there is a risk that we will not be able to renew our secured financing agreements when we desire to renew them or obtain favorable interest rates and haircuts as a result of uncertainty in the market including, but not limited to, uncertainty as a result of inflation and increases in the federal funds rate.We offset the interest rate risk of our repurchase agreements primarily through the use of derivatives, which primarily consist of interest rate swaps, swap futures, swaptions, U.S. Treasury futures and interest rate caps. The average remaining maturities on our interest rate swaps atMarchJune31,30, 2026 was less thansixeight years. All of our swaps are cleared by a central clearing house. When our interest rate swaps are in a net loss position (expected cash payments are in excess of expected cash receipts on the swaps), we post collateral as required by the terms of our swap agreements. The average remaining maturities on ourSwapswap futures atMarchJune31,30, 2026 isthreefour years. TheSwapswap futures are exchange tradedinstrument.instruments. Similar to our interest rate swaps, we post collateral when we are in a net loss position. The interest rate cap has a two-year maturity with a potential payment every ninety days from the initial settlement date. The payment is dependent upon whether the compounded average market reference rate for the ninety day period is greater than the strike rate on the interest rate cap. We will receive a payment if the difference between the two amounts is positive.
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We make forward-looking statements in this report that are subject to risks and uncertainties. These forward-looking statements include information about, among other things, possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words “goal,” “target,” “assume,” ‘‘believe,’’ ‘‘expect,’’ ‘‘anticipate,’’ ‘‘estimate,’’ “project,” “budget,” “forecast,” “predict,” “potential,” ‘‘plan,’’ ‘‘continue,’’ ‘‘intend,’’ ‘‘should,’’ ‘‘may,’’ “could,” ‘‘“would,’’ ‘‘“will’’ or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, are forward-looking by their nature:
We are a diversified, internally managed REIT, that serves the U.S. residential real estate market. Through our Investment Portfolio and Residential Origination segments, we acquire, manage, finance and originate residential mortgage and real estate-related assets, with the objective of delivering attractive risk-adjusted returns to shareholders.
We are a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in for ourselves and manage for others through our wholly-owned subsidiary Palisades Advisory Services, LLC (“PAS”) include residential mortgage loans, Non-Agency RMBS, Agency RMBS, RTLs, Investor Loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress Mortgage Corp. (“HomeXpress”), we primarily originate Non-QM residential mortgage loans (both consumer loans and Investor Loans) as well as a smaller amount of QM residential mortgage loans.
In 2025, we reevaluated the composition of our reportable segments based on changes in the significance of certain business activities, including the acquisition of HomeXpress Mortgage Corp. (“HomeXpress”) in October 2025 (the “HomeXpress Acquisition”) in October 2025,, and the manner in which our management reviews operating results and allocates resources. As a result of this reevaluation, we now have two reportable segments: (i) Investment Portfolio, and (ii) Residential Origination. The Investment Portfolio segment consists of our investments and third-party advisory services activities. The Residential Origination segment consists of the stand-alone residential mortgage origination business of HomeXpress that originates Non-QM residential mortgage loans (both consumer loans and Investor Loans) and other Non-Agency and Agency mortgage loan products.
As of MarchJune 31,30, 2026, based on the fair value of our interest-earning assets, approximately 58%55.6% of our investment portfolio was allocated to residential mortgage loans,loans 36.7%held for investment, 36.9% to Agency MBS, 5.3%5.1% to Non-Agency RMBSRMBS, 2.2% to LHFS, and less than 1% to interests in MSR financing receivables (excluding LHFS by HomeXpress).receivables.
We closed the HomeXpress Acquisition on October 1, 2025. The HomeXpress Acquisition represents a strategically significant milestone and broadens our business capabilities. We expect that this acquisition will provide us with direct exposure to the growing Non-QM residential mortgage loans (both consumer loans and Investor Loans) origination market and enhance the diversification of our earnings sources beyond our core investment activities. As of March 31, 2026, LHFS by HomeXpress constituted approximately 4.7% of our interest earning assets based on fair value.
HomeXpress is a specialty mortgage lender focused primarily on providing first lien, consumer Non-QM loans, and Investor Loans solutions to the residential housing market on a national scale through mortgage brokers and bankers. As of MarchJune 31,30, 2026, HomeXpress had approximately 6,1006,300 approved wholesale brokers and non-delegated correspondent bankers. Non-QM loans are designed for borrowers who do not meet traditional qualified mortgage standards and typically carry higher interest rates and offer more flexible solutions. Investor Loans are secured by first liens on non-owner occupied 1–8 unit investment rental properties. HomeXpress is a leading originator of these residential mortgage loans and does so substantially on a wholesale basis through independent mortgage brokers and bankers. In the firstsecond quarter of 2026, HomeXpress sold 69% of all of the loans it originated on a servicing-released basis to third-party institutional investors.investors, Duringand the firstremaining quarter31% of 2026, HomeXpress soldthe loans (scheduledwere topurchased settle inby the second quarter) to our Investment Portfolio segment under our strategy of sponsoring securitizations of Non-QM loans using HomeXpress collateral. HomeXpress uses warehouse financing to fund loans from origination through sale. While the residential real estate market and associated mortgage loan origination volumes are heavily influenced by economic factors such as interest rates, housing prices and employment conditions, additional loan origination growth for HomeXpress is expected to be realized from further development of its existing wholesale origination network, as well as the growth of its recently implemented non-delegated correspondent channel. Additional growth is also expected from the expansion of its FHA, VA and conventional Agency-conforming channel and the implementation of delegated correspondent lending platform. As of June 30, 2026, LHFS by HomeXpress constituted approximately 5.4% of our interest-earning assets based on fair value.
Financial markets during the second quarter of 2026 were shaped primarily by evolving expectations for Federal Reserve monetary policy amid persistent inflation, resilient labor market conditions and continued geopolitical developments. Although tensions in the Middle East remained elevated early in the quarter, energy markets stabilized following a temporary ceasefire and easing concerns over disruptions to global oil supplies. While lower oil prices moderated inflation concerns, inflation remained above the Federal Reserve’s long-term target, contributing to continued uncertainty regarding the path of monetary policy.
At its June meeting, the Federal Reserve maintained its target range for the federal funds rate at 3.50% to 3.75%. Although no change in policy rates was announced, updated economic projections reflected persistent inflation concerns and a more restrictive policy outlook than investors had anticipated entering the quarter. As a result, investor expectations shifted from near-term interest rate cuts toward the possibility of a rate increase later in the year.
Treasury yields increased across the curve during the quarter, led by shorter-term maturities as markets repriced expectations for future monetary policy. The yield on the two-year U.S. Treasury increased by 38 basis points to 4.17%, while the ten-year U.S. Treasury yield increased by 15 basis points to 4.47%. The yield curve flattened meaningfully during the quarter, with the spread between the two-year and ten-year Treasury yields narrowing from 52 basis points to 29 basis points.
Mortgage and Credit Markets
Mortgage and credit markets remained constructive throughout the second quarter despite higher benchmark interest rates. Primary mortgage rates increased only modestly as tighter mortgage spreads modestly offset a portion of the increase in Treasury yields. The average 30-year fixed mortgage rate increased from 6.38% to 6.49% during the quarter, while mortgage rate spreads relative to the 10-year Treasury yield tightened from the elevated levels experienced earlier in the year.
Agency mortgage-backed securities outperformed comparable-duration U.S. Treasuries during the quarter. Current coupon Agency MBS spreads tightened 18 basis points against a blend of treasuries and 21 basis points against a similar blend of swaps, while option-adjusted spreads also narrowed. Continued purchases by Fannie Mae and Freddie Mac, together with strong institutional demand, provided favorable technical support.
Residential mortgage credit markets also performed well during the quarter. Non-QM securitization issuance remained robust with the first half pace running well ahead of 2025 issuance volumes by a significant margin. Despite elevated new issuance, spreads tightened across most non-agency residential mortgage sectors, reflecting strong investor appetite and favorable market technicals. AAA Non-QM spreads tightened approximately 10 basis points during the quarter, although higher benchmark interest rates resulted in increased yields on new issue securities which were reflected in whole loan pricing. Investor participation continued to broaden across the residential mortgage credit market, while lower-rated residential credit generally outperformed as investors sought incremental yield amid a constructive credit environment.
This year began on a relatively stable footing, supported by expectations of Federal Reserve rate cuts in the latter half of 2025 that reinforced confidence that inflation was moderating. Markets also grew more comfortable with the outlook on tariffs, as their potential inflationary impact appeared more contained. In March 2026, escalating tensions and conflicts involving the U.S. in the Middle East disrupted energy markets, driving a sharp increase in oil prices amid concerns over disruption to flows through the Strait of Hormuz. From late February through the end of March, crude oil prices rose significantly, reigniting concerns about inflationary pressures and the risk of a broader global economic slowdown.
The U.S. economy continued to demonstrate resilience, despite moderating job growth, with unemployment in the low-4% range, and inflation relatively contained. The Federal Reserve held its target range for the federal funds rate steady during the quarter, noting at its March meeting that the economic implications of developments in the Middle East remained uncertain. After beginning the year with strong momentum and rising to new highs, equity markets became more volatile in March, with volatility persisting through quarter-end.
Against this backdrop, interest rates largely reflected shifting economic and geopolitical dynamics. Following a period of relative stability in January and February, rates moved higher in March as rising energy prices renewed inflation concerns. For the quarter, the yield on the two-year U.S. Treasury increased by 32 basis points to 3.79%, while the 10-year U.S. Treasury yield rose 15 basis points to 4.32%. Interest rate volatility also picked up notably in March, reaching its highest levels since the tariff-driven uncertainty observed in spring 2025.
Housing MarketFundamentals
Housing market fundamentals remained generally supportive even with mortgage rates near multi-year highs. Home prices were broadly stable to modestly higher, with several national indices reporting improving year-over-year growth during the quarter.
Housing market conditions continued to vary by region. Price appreciation was strongest across many Northeastern and Midwestern markets, where housing inventory remained constrained relative to historical norms, and more subdued across portions of the South, Sun Belt and Mountain West where supply recovered more rapidly. Although housing supply improved nationally during the quarter, limited inventory supported home prices in some regional markets, while increased supply moderated price appreciation in others.
Existing home sales and purchase mortgage activity remained relatively stable despite elevated mortgage rates and resilient labor market conditions. Mortgage credit performance was also resilient during the quarter. Overall mortgage delinquencies increased modestly, although industry data suggested much of the increase reflected seasonal and calendar-related factors rather than broad-based deterioration in borrower performance. Credit performance was strongest among conventional Agency mortgage loans, while stress was concentrated within certain government-insured mortgage programs. Seasonally adjusted prepayment activity also remained subdued as higher mortgage rates continued to limit refinancing activity.
Mortgage rates declined through February, with the average 30-year fixed rate falling below 6% late in the month for the first time since 2022. Rates reversed course in March, however, as global uncertainty and rising inflation concerns pushed borrowing costs higher. According to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed rate increased from 6.15% to 6.46% over the course of the first quarter. The spread between mortgage rates and the 10-year Treasury yield, which had tightened earlier in the quarter, widened by 16 basis points to 216 basis points by quarter-end.
Home prices edged lower during the first quarter, extending the modest declines observed in the second half of 2025. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index declined approximately 1.5% over the latter half of 2025 and into early 2026. Improved affordability, driven by slightly lower home prices and declines in mortgage rates, contributed to a 5.4% increase in the National Association of Realtors Housing Affordability Index, year-to-date through February.
Existing home sales remained subdued, hovering around a 4.0 million annualized pace during the first quarter, well below historical norms. Refinancing activity picked up meaningfully compared to the first quarter of 2025 as rates declined earlier in the period, though momentum slowed in March as rates rose. Despite the increase, refinance activity remained significantly below historical averages, in part because an estimated 69% of homeowners continue to hold mortgages with rates below 5%, limiting incentives to refinance.
The U.S. housing market continued to face a significant supply shortfall, with the U.S. Chamber of Commerce estimating a deficit of approximately 4.7 million homes. Demand continued to outpace new construction, while elevated building costs, along with restrictive permitting and zoning requirements, constrained development and delayed the delivery of new, more affordable housing supply.
FirstSecond Quarter 2026 Business Highlights - Investment Portfolio Segment
Agency RMBS. During the firstsecond quarter, we purchasedsettled approximately $1.9$967 billionmillion of Agency RMBS, deploying capital raised from legacy loan sales (from the first quarter) while simultaneously increasing our allocation to liquid securities. Of the total purchases, $608$967 million willsecurities settlethat settled in the second quarterquarter, of$601 2026.million were originally traded in the first quarter. These investments enable us to deploy capital in a relatively expedient manner upon raising funds through capital market transactions, asset divestitures, portfolio run-off, or other means and maintain liquidity for future investments or other strategic objectives, including business acquisitions.
Agency DUS Bonds. During the second quarter, the Investment Portfolio segment purchased $17 million of Agency CMBS DUS bonds, deploying approximately $800 thousand of capital to acquire these investments. On a levered basis, and after incorporating the cost of interest rate hedging, these bonds are expected to generate attractive returns in the low- to mid-teens.
Agency CMBS Project loans. During the quarter, following the funding of the underlying $33 million loan, one of the GNMA construction loan certificate bonds converted into a fully funded Agency CMBS public limited company bond. As discussed in the Asset Sales section below, this bond was subsequently sold during the quarter, resulting in no remaining exposure as of the end of the second quarter.
Non-AgencyAgency securities. In the firstsecond quarter, we also sold $24$575 million of Non-Agencynotional RMBSin subordinatea securities.combination of Agency CMBS, Agency CMBS IOs, Agency CMOs and Agency home equity conversion mortgage (“HECM”) IOs. Net liquidity raised, after payment of principal on a secured financing facility that held these securities as collateral, was $6.5$19 million. TheseThe capital raised via these sales generatedwas are-deployed realizedinto losshigher-yielding ofAgency $5Pass-through million during the first quarter.securities.
RPL sales from called securitizations. As part of our ongoing portfolio management discipline, we routinely evaluate the economic and strategic benefits of exercising our redemption rights on sponsored securitizations. These rights provide a mechanism to generate liquidity by refinancing and/or selling the underlying loan collateral.
During the first quarter, we exercised these rights across eight securitizations, redeeming $1.1 billion par value of securitized debt. Upon exercising our call rights, we sold $1.2 billion of these loans to third parties and retained $287 million on our balance sheet.
Transaction-related costs totaled approximately $2 million, and we incurred an additional $9 million of basis costs related to servicing advances and MSRs associated with the sold loans. We also repaid $195 million of recourse funding obligations tied to retained bonds from these securitizations. The retained loan portfolio was financed through a warehouse facility.
The redemption of securitized debt at par (one deal was redeemed at 1% premium to par), resulted in a net book value loss of $43 million ($39 million of realized loss and $4 million of unrealized market value loss). Including this loss, along with mark-to-market changes on the loan portfolio prior to sale and transaction-related expenses, the overall impact to book value for the quarter was a reduction of approximately $72 million.
Net proceeds received from the transactions were in excess of $195 million. The breakeven rate (cost of capital) for the cash take out from these transactions was approximately 7.7%. As noted above, a portion of the cash received was deployed immediately into accretive Agency RMBS securities, increasing our liquidity position.
During the second quarter we sponsored two securitizations of residential mortgage loans with an aggregate principal balance of $487 million. The mortgage loans for both securitizations were sourced from the redemption of prior Chimera-sponsored securitization CIM 2025-NR1 ($205 million UPB) and also included unsold loans retained from the first quarter redemption of eight securitization deals ($282 million UPB).
Net proceeds received from the transactions were in excess of $13 million which was subsequently invested in Agency securities.
We sponsored CIM 2026-R1, a $289 million securitization of residential mortgage loans. The loans had a weighted average coupon of 5.50%, with weighted average FICO scores of 639, and LTV ratio of 45.38%. Securities issued by CIM 2026-R1, with an aggregate balance of approximately $245 million, were sold in a private placement to institutional investors. These senior securities represented approximately 85% of the capital structure. We retained subordinate interests in securities with an aggregate balance of approximately $43 million and certain IOs. We also retained an option to call the securitized mortgage loans on the earlier of (i) May 25, 2028, or (ii) when the aggregate principal amount of the offered notes is less than, or equal to, 10% of the aggregate principal amount of the offered notes as of May 26, 2026. The weighted average cost of debt on securities sold was 4.75%. PAS acts as asset manager for the securitization.
We also sponsored CIM 2026-NR1, a $198 million securitization of residential mortgage loans. The loans had a weighted average coupon of 5.44%, with weighted average FICO scores of 600, and LTV ratio of 56.85%. Securities issued by CIM 2026-NR1, with an aggregate balance of approximately $143 million, were sold in a private placement to institutional investors. These senior securities represented approximately 72.50% of the capital structure. We retained subordinate interests in securities with an aggregate balance of approximately $54 million. We also retained an option to call the securitized mortgage loans, at the direction of the majority class B1 certificate holder, on any payment date after May 26, 2027. The weighted average cost of debt on securities sold was 5.00%. PAS acts as asset manager for the securitization.
There was no new securitization activity duringDuring the first quarter. However,quarter, the Investment Portfolio segment committed to purchasingpurchase $187 million of newly originated Non-QM loans and Investor Loans from our subsidiary, HomeXpress. The Investment Portfolio segment further committed to purchase an additional $131 million of loans during the second quarter. An aggregate of $301 million of loans acquired from HomeXpress, withsettled settlement expected induring the second quarter of 2026.
We intend to establish a securitization program for Non-QM loans and Investor Loans, providing an additional source of liquidity and capital for HomeXpress originations. We expect to continue acquiring loans and plan to launch the program once a sufficient balance has been aggregated, subject to market conditions. The inaugural securitization is currently expected to close in the secondthird or thirdfourth quarter of 2026.
During the firstsecond quarter of 2026, our overall secured financing costs declined by 3710 basis points. Secured financing agreements (recourse liabilities) increased by a net $956$738 million, primarily reflecting the use of leverage to support our Agency RMBS investments. Agency RMBS financing increased toward quarter-end, while Agency CMO’s, Agency CMBS (including IOs), Non-Agency RMBS and Loan financing declined due to redemption of certain securitized bonds, paydowns and asset sales.
As previously noted, the $282 million portfolio of RPL loans acquired through the first-quarter securitization unwind, which had been financed through a loan warehouse facility, was repaid during the quarter, as the loans were sold into the two new securitizations completed this quarter.
As previously noted, loans retained from the securitization unwind were financed through an existing warehouse facility. As of March 31, 2026, within the Investment Portfolio segment, we had $224 million of warehouse financing exposure (recourse liabilities) backed by residential mortgage loans and a $49 million facility related to RTLs.
At quarter-end,quarter end, total recourse financing exposure for the investment portfolio was $6.4$7.0 billion, with $4.4$5.0 billion attributable to Agency RMBS and $1.9 billion attributable to residential credit investments. We continue to evaluate opportunities to finance retained securities from securitizations using longer-term, limited recourse or, where appropriate, non-mark-to-market financing structures. Currently, $1.2 billion, or 62%,17%, of our residential credit-related recourse financings areis in these types of facilities.
During the firstsecond quarter, we monetizedpurchased twoa $300 millionSOFR-based interest rate swaptionscap with onea having3.00% strike rate, a 3.40%$500 paymillion fixednotional rateamount, and Januarya 2027June expiration,2028 andmaturity for a total premium of $10 million. During the othersame havingperiod, a 3.17% pay fixed rate and February 2027 expiration, for an aggregate realized gain of $2 million. Wewe also exited a $500 million interest rate cap with a 3.95% strike rate maturingthat was scheduled to mature in February 2027.
As of MarchJune 31,30, 2026, we maintained open interest rate hedge positions attributable to the residential credit portfolio that included: (i) a $500 million interest rate cap with a strike rate of 3.95%3.00% maturing in FebruaryJune 2027,2028, (ii) a $500 million interest rate cap with a strike rate of 3.00% maturing in January 2028, (iii) a $600 million interest rate cap with a strike rate of 3.30% maturing in March 2028, and (iv) $50 million 4.05% par rate equivalent pay-fixed two-year Eris swap futures maturing in March 2027.
Agency RMBS Portfolio. During the quarter, we purchased SOFR-based interest rate caps with a 3.00% strike rate, representing a total notional amount of $1.8 billion, for an aggregate premium of $43 million. We also entered into interest rate swap contracts with an aggregate notional amount of $781 million, with maturities ranging from 2 to 30 years and fixed pay rates ranging from 3.85% to 4.28%.
During the quarter, we terminated interest rate swap contracts with an aggregate notional amount of $1.5 billion, realizing gains of $11.6 million and receiving $3.6 million of net interest payments.
Hedges for Loan Commitment from HomeXpress. During the quarter, we entered into two swap contracts comprising $170 million of notional, maturing in March 2028 and March 2031, with a weighted average 3.41% pay-fixed interest rate to help mitigate exposure to interest rate volatility on these loans. Our hedging techniques are designed to mitigate interest rate risk but do not offset credit spread risk.
Agency RMBS Portfolio. Interest rate swaps and swaptions are valuable tools for managing the interest rate and prepayment risks associated with levered Agency RMBS. By strategically using these derivatives, we seek to mitigate these risks, stabilize cash flows, and potentially enhance the overall risk-adjusted returns of the Agency RMBS portfolio. During the quarter, we executed a variety of interest rate derivative transactions across a range of tenors, including $1.3 billion in pay-fixed interest rate swaps. We also closed out interest rate swaps with a range of maturities and underlying swap tenors representing notional balances of $407 million that resulted in net realized loss of $609 thousand.
As of MarchJune 31,30, 2026, we maintained the following open interest rate hedge positions attributablerelated to the Agency RMBS portfolio that included: (i) $3.4interest rate caps with an aggregate notional amount of $1.8 billion 3.56%and a weighted average pay-fixedstrike rate of 3.00%; (ii) interest rate swaps with varyingan maturities,aggregate notional amount of $2.8 billion, a weighted average fixed pay rate of 3.76%, and remaining maturities ranging from less than one year to 30 years; and (iiiii) $60 million of 3.87% par rate equivalent pay-fixed ten-year10-year Eris swap futures maturing in June 2035,2035 and (iii) a $230 million of 3.60% par rate equivalent pay-fixed five-year5-year Eris swap futures maturing in June 2030.
Mortgage TBA Derivatives. During the quarter, we closed out short TBA mortgage securities positions with an aggregate notional amount of $966 million, recognizing realized gains of $1.4 million across various counterparties. We also recognized $1 million of TBA dollar roll (“drop”) expense during the quarter. As of June 30, 2026, we had no open short TBA mortgage securities positions.
Mortgage TBA Derivatives. As part of our ongoing risk management strategy, we entered into $500 million of short TBA securities in early March as geopolitical uncertainty reduced our risk tolerance. We entered into another $966 million of short TBA securities to hedge Agency MBS purchases during the quarter. After raising liquidity through loan sale activity in late March, we exited the $500 million short TBA position for a realized gain of $8 million.
Through the Palisades acquisition in December 2024 (the “Palisades Acquisition”), we started earning investment management and advisory fees. In addition, PAS was hired to provide asset management services for threefive securitizations issued by ChimeraChimera, andfour weof which remain active. We also continue to provide services to unaffiliated investors and private credit funds. Palisades’ fee-based income (both transaction and advisory fees) contributed $7 million in revenue during the firstsecond quarter of 2026. Fee income declined during the second quarter primarily due to a 29% decline in transaction management volume from a higher-fee-paying client, which was only partially offset by replacement activity from other clients at lower fee rates. As a result, total fee income declined by approximately $1 million compared with the prior quarter.
FirstSecond Quarter 2026 Business Highlights - Residential Origination Segment
During the firstsecond quarter of 2026, HomeXpress originated residential mortgage loans as detailed by the product and channel breakdown below. The weighted average interest rate, FICO score and LTV on all these loans were 6.96%,7.036%, 742740 and 70.8%,72.7%, respectively.
HomeXpress funded $1.1 billion of volume during the quarter ended June 30, 2026 as compared to $884 million during the first quarter, an increase of 23.8% quarter over quarter.
HomeXpress maintained a sufficient overall liquidity position during the firstsecond quarter of 2026 with its cash balances and seven warehouse lines of credit. HomeXpress had a total available capacity of $1.5 billion in warehouse lines as of MarchJune 31,30, 2026, which are all priced based on the 30-day SOFR plus a weighted pricing spread of approximately 193192 basis points. As of MarchJune 31,30, 2026, HomeXpress held $685$802 million on UPB on the balance sheet that was financed with $629$727 million of advances from the warehouse lines of credit, with an average advance rate of 93%.91%.
Prior to funding a loan, HomeXpress typically enters into an IRLC with the prospective borrower. These IRLCs are accounted for as derivatives and are valued based on market conditions, loan characteristics, estimated remaining direct expenses, and subject to the anticipated loan funding probability (Pull-through Rate). As of MarchJune 31,30, 2026, the fair value of HomeXpress’ IRLCs was a $4 million asset. Upon funding of a locked loan, the IRLC is derecognized and the loan is recorded as LHFS at fair value, with origination fees recognized in interest income and direct loan origination costs expensed as incurred. As of MarchJune 31,30, 2026, the total estimated fair value of HomeXpress’ LHFS in excess of principal balance was $16$17 million. The table below shows the effect on fair value of the IRLC based on a change in the Pull-through Rate:
CIM insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-11 | Mills Susan |
Grant/award | 11,263 | — | — |
| 2026-06-11 | Still Debra |
Grant/award | 11,263 | — | — |
| 2026-06-11 | Chavers Kevin Gerald |
Grant/award | 11,263 | — | — |
| 2026-06-11 | Walsh Cynthia B |
Grant/award | 11,263 | — | — |
| 2026-06-11 | Reilly Brian Patrick |
Grant/award | 11,263 | — | — |
| 2026-06-11 | Creagh Gerard |
Grant/award | 11,263 | — | — |
Well-known investors holding CIM (13F)
None of the 59 investors we track reported a position in their latest 13F.